I'll get an agent on my end to initiate the contact to see if it makes a difference.

You're easily at 30%+, I've not really been one to burning up my time and calculator to get estimates of profits (besides the initial decision making process) or doing pro formas.

I may be wrong about this being my only option and would be keen to hear of alternative strategies.I'm willing to commit circa $150K as an initial fighting fund.

Only about 1/3 of the properties on the initial foreclosure list actually go to sale and of those only about 10% are sold to third parties like yourself.

Michael W. my opinions only...1) You went out of your way to handle the initial problem as best you could, made it about the tenants and not just your building, and showed genuine concern for the people who rely on you for housing.

This website is full of information that I've spent either years trying to learn or lots of money making mistakes on and if I had this resource I could have shortened time cycles and saved tens of thousands of dollars.First thing I would do is change your name to your real one, not initials.

Initially, admitting another member should not trigger any tax issue, your Operating Agreement usually isn't filed with the state, but when ownership is transferred of the LLC itself you'll have tax issues.

If you can pay 80% or less than market value when you factor in purchase price and repairs, you may have enough equity built up for a HELOC for your next rental when you are ready to buy.There are lots of strategies for getting started even when you don't have the initial cash.

You could live there initially and eventually convert to full rental when you move.

I think I worded the initial post wrong.